Traders are looking to “buy back” when a one-time ETF rejection sends the Bitcoin price to $ 62K.

On November 12, the U.S. Securities and Exchange Commission (SEC) reported that the bear had rejected the VanEck spot.BTC) The exchange-traded funds (ETF) application made waves across the cryptographic sphere and deflated the rising momentum that has been building throughout the week.

While many investors had high hopes that passing a BTC ETF witness would send Bitcoin’s price to the $ 100,000 price level, others expected its denial, including Bloomberg ETF senior analyst Eric Balchunas, who put the SEC’s odds on hold. VanEck approval of less than 1% of the fund.